Sample Grant Certification Note (Page 3 of 4) in pdf

TERMS OF REFERENCE FOR GRANT CERTIFICATION NOTE

(Referenced to as Appendix 2)

Objective

The objective of an Grant Certification audit is to provide assurance that the amounts shown on

the relevant reports as required by e2i are in accordance with, or supported by, the documents

and records kept by the Company and whether those amounts have been included or claimed

by the Company in accordance with the terms and conditions set by e2i.

Scope

The auditor shall conduct its verification to determine:

Items and amount claimed by the Company are in accordance with details of qualifying

costs and other terms and conditions of the Letter of Offer and the amount claimed by

the Company are based on the co-funding percentage as stated in the Letter of Offer;

Items claimed are used for the Programme as stated in the Letter of Offer, unless

otherwise stated;

Items claimed by the Company are accurately recorded in all the claim forms and

schedules, and in accordance with the books and records maintained by the Company;

Description and authenticity of items claimed are valid by referring to and cross-checking

against appropriate source documents and other records;

Claims correspond to the appropriate source documents, e.g. invoices, personnel and

payroll records, Statement of Attainments (SOAs) or qualifications attained, etc;

All items claimed are incurred and paid within the qualifying period as per the terms and

conditions of the Letter of Offer;

Equipment claimed exists through physical sighting at the date of visit and are

installed/operating as stipulated in the Letter of Offer.

Procedures and Professional Standards

The auditor shall design a set of agreed upon procedures in accordance with the provisions of

the Letter of Offer and its addenda. The procedures shall be applied against 20% of the total

transactions of claims made within audit period (or any other sample size as determined by e2i).

The auditors shall conduct the procedures on the basis of an inquiry and analysis,

(re)computation, comparison, other accuracy checks, observation, inspection of records and

documents, and obtaining confirmation by interview.

The auditor must be carried out the audit in compliance with the Singapore Standard on Related

Services SSRS 4400 “Engagements to Perform Agreed-upon Procedures Regarding Financial

Information” and Singapore Standards on Auditing.

Reporting

The following document should be attached and form part of the Grant Certification Note:

Letter of Offer and its addenda

Agreed-upon procedures

Sample Grant Certification Note Page 3